By MIA Sustainability, Digital Economy and Reporting Team
The shift to GenAI will generate new opportunities that necessitate new skills and continuous learning, and reconfiguring the future landscape of the accountancy profession in Malaysia
How has the role of accountants changed with the rise of Generative Artificial Intelligence (GenAI)?
This topic was the focus of the recent panel session on “Navigating Tomorrow: GenAI in The Accountancy Profession” at the MIA Digital Month 2024. The session was moderated by Professor Dr David Asirvatham, a member of the MIA Digital Technology Implementation Committee (DTIC), who was joined by Hoh Yoon Hoong, Partner and EY ASEAN Assurance Digital Leader, Ernst & Young PLT; Dr Kam Hong Shum, Founding Member, LedgerBrains AI Consortium; Khalil Nooh, Co-founder and CEO, Mesolitica and Professor Dr Rozainun Abdul Aziz, President, ASEAN Accounting Education Workgroup (AAEW).
Professor Dr David opened the session by highlighting how the ongoing evolution of AI and its subsets is driving changes in the field of accounting among others. Instead of just crunching numbers and managing records, accountants are now required to interpret data more deeply, learn from new data while adapting to all the technological advancements transforming the profession.
Read on for insights from the panel session.
Transformation in Accounting with GenAI
According to Professor Dr David, the rapid evolution of GenAI is more than just a buzzword; it is revolutionising industries including accounting. Automated bookkeeping, enhanced client communication, and AI-based tools are transforming the traditional landscape of this profession. Accountants no longer need to expend time on repetitive tasks, allowing them to focus more on strategic roles.
Realising the need to transform and how clients are getting more sophisticated, Ernst & Young started their transformation journey with AI and GenAI years ago by building tools like EY.ai EYQ (akin to a specialised ChatGPT) and EY Canvas AI. EY.ai EYQ is built on a secure environment to help auditors perform rigorous research, assist in crafting essential emails, and analyse client data with unprecedented speed and precision. Among its myriad features is the ability to upload and extract data directly from documents, generating rapid summaries which assist auditors in making decisions.
EY Canvas AI collates data from over 85,000 professionals across the globe and integrates the vast dataset to draw insights from EY Canvas and external data sources, enabling engagement teams to evaluate whether their audit strategy is appropriate and effective. For auditors, this means improved consistency and alignment with industry norms, ensuring thorough and reliable audit processes. These tools underscore the transformative potential of AI and GenAI in revolutionising the roles of accounting professionals, particularly in improving audit efficiency. “The goal here is not to replace auditors but to significantly enhance their productivity by streamlining fundamental tasks,” said Hoh.
GenAI tools do not just save time; they add a layer of sophistication to data analytics and numerical analysis that manual methods could never achieve. Dr KH Shum explained that with advancements such as the ability to integrate Python or use chat functionalities from tools like ChatGPT within Excel itself, accountants can process numbers and analyse data more comprehensively and swiftly. This integration does not only mean faster number crunching but also more insightful and strategic decision-making, leveraging the power of AI to turn raw data into actionable intelligence.
“From the perspective of a builder, we are seeing new capabilities of the tool in producing output that will transform how the profession works, particularly on document extraction for analysing purposes,” added Khalil.
Integrating GenAI and accountants
“While technology tools can handle the bulk of the workload, I believe we will still need the human touch to make the final judgement in interpreting the outcomes generated by GenAI,” said Hoh.
GenAI is not intended to replace accounting professionals. Instead, it supports them by enhancing the accuracy and efficiency of their work, thus improving their overall experience. “Your judgement, expertise, professionalism, experiences, integrity as well as instincts are very much needed in working together with GenAI,” added Professor Dr Rozainun.
“It is often claimed that GenAI will automate many jobs, but it is equally true that it will generate new opportunities as well. This shift necessitates new skills and continuous learning, reconfiguring the future landscape of the accountancy profession in Malaysia,” said Professor Dr David.
Accounting professionals will need to learn new skills as GenAI continues to evolve. According to Professor Dr David, experts estimate that 40% of core skills in all professions will change by 2030. This is a significant shift, highlighting the necessity for accountants to integrate seamlessly with machines. Working together with AI and all its subsets will be crucial in transforming the field, rather than eliminating human roles entirely.
On a similar note, the recent research conducted by the ASEAN Federation of Accountants (AFA) on Technology Adoption by the Accountancy Profession in ASEAN Countries found that many accounting schools have integrated emerging technologies, including GenAI, into their curricula or teaching delivery. “The awareness on the emerging technologies in the profession is there for the students; it is only a matter of whether they are able to adopt and adapt them when entering the workforce in the future,” explained Professor Dr Rozainun.
Way forward in embracing technology
To conclude the session, the panellists shared their recommendations in embracing technology and making the most of GenAI. One, have the right mindset; be able to adapt before adopting. Two, build a culture that embraces new technologies among your peers or in your organisation. Three, develop the right talent or skills that complement GenAI or any technology effectively. Four, explore and experiment with the various technologies available to find the right fit for your organisation.
